Kindly describe all potential risks and how they can be mitigated. Please use responses 1-5 to assist you with your writing.

Your project is to: Add 2 rooms and 1 bathroom to an existing house with all the amenities. Answer 1 - Risk is an uncertain event that may have both positive or negative impact on project and risk management is the process of identifying and migrating risk. Risk affects all aspects of your budget, schedule so it is important to identify the risks. Answer 2 - Project risk can be identify through some risk identification techniques like - Expert Judgements - Expert should be considered from individuals or a group with specialized knowledge of similar projects or business areas. Such experts need to consider all aspects of individual project risks as well as sources of overall project risks. Brainstorming - Brainstorming is the most common approach for risk identification. It triggers conversation among the participants under the guidance of able facilitator, proper conversation can be facilitated so that we can identify all sources of risk. Answer 3 - Significance of different risk in project are as follows - a. Plan Risk Management - It is going to be analysis and decision-making ito implement risk management. The stakeholders will be involved in planning risk management because they are going to be affected. b. Identify Risk - While dealing with the risk management they have to check which risk has more probability of affecting the project. The information has be gathered and checklist should be analysed c. Qualitative Risk Analysis - In developing quality product also some risk will be involved. The Qualitative risk analysis assess impact and likelihood of the identified risk d. Quantitative Risk Analysis - The Quantitative risk analysis can be identified by data gathering, and probability distribution. Answer 4 - Five response of managing risk are as follows Avoid - It means to remove the cause of the risk Transfer - It means to transfer the risk to some other party like insurance etc Mitigate - It means to reduce the impact of risk that cannot be eliminated. Accept - It means the acceptance of the risk Answer 5 - Contingency planning is the overall process of preparing for unexpected events The role contingency plan plays an important role in reducing the damage of the risk when it occurs